Discounted Cash Flow (DCF) Analysis Unlevered

NorthWest Healthcare Properties Rea... (NWH-UN.TO)

$10.6

+0.25 (+2.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.72 | 10.6 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 313.97349.59366.06373.82374.61391.84409.85428.69448.40469.02
Revenue (%)
EBITDA 225.41283.14219.15434.09662.66396.28414.50433.55453.48474.33
EBITDA (%)
EBIT 224281.84217.17432.51661.28394.59412.73431.71451.55472.31
EBIT (%)
Depreciation 1.411.301.981.581.381.691.761.851.932.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 71.7045.81192.15144.1162.70112.63117.81123.22128.89134.81
Total Cash (%)
Account Receivables 99.2852.5555.0831.4773.4670.3273.5576.9380.4784.17
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 57.5774.8892.4792.3489.9689.1393.2397.51101.99106.68
Accounts Payable (%)
Capital Expenditure -1.75-0.41-0.38-0.23-0.48-0.76-0.79-0.83-0.87-0.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.6
Beta 0.832
Diluted Shares Outstanding 175.98
Cost of Debt
Tax Rate 40.92
After-tax Cost of Debt 2.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.729
Total Debt 2,944.20
Total Equity 1,865.36
Total Capital 4,809.57
Debt Weighting 61.22
Equity Weighting 38.78
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 313.97349.59366.06373.82374.61391.84409.85428.69448.40469.02
EBITDA 225.41283.14219.15434.09662.66396.28414.50433.55453.48474.33
EBIT 224281.84217.17432.51661.28394.59412.73431.71451.55472.31
Tax Rate 75.62%67.38%101.16%20.66%40.92%61.15%61.15%61.15%61.15%61.15%
EBIAT 54.6191.93-2.52343.13390.69153.30160.35167.72175.43183.50
Depreciation 1.411.301.981.581.381.691.761.851.932.02
Accounts Receivable -46.73-2.5323.62-41.993.14-3.23-3.38-3.54-3.70
Inventories ----------
Accounts Payable -17.3117.59-0.13-2.38-0.834.104.294.484.69
Capital Expenditure -1.75-0.41-0.38-0.23-0.48-0.76-0.79-0.83-0.87-0.91
UFCF 54.27156.8614.14367.97347.22156.54162.19169.64177.44185.60
WACC
PV UFCF 150.15149.23149.73150.23150.73
SUM PV UFCF 750.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.25
Free cash flow (t + 1) 189.31
Terminal Value 8,413.84
Present Value of Terminal Value 6,833.04

Intrinsic Value

Enterprise Value 7,583.11
Net Debt 2,881.50
Equity Value 4,701.61
Shares Outstanding 175.98
Equity Value Per Share 26.72